Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making a product are as follows. Cutting Department Production Data-July T12-Tables Work in process units, July 1 Units started into production Work in process units, July 31 0 23,400 3,510 Work in process percent complete 60 Cost Data-July - Work in process, July 1 Materials $0 444,600 Labor 274,248 121,680 Overhead Total $840,528 (a1) Your answer is correct. Compute the physical units of production. T12 Tables Units to be accounted for 23400 e Textbook and Media Attempts: 1 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 2 (a2) . Your answer is correct. Compute equivalent units of production for materials and for conversion costs. Materials Conversion Costs T12 Tables 23400 21996 e Textbook and Media Attempts: 1 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 2 (a3) Your answer is correct. Determine the unit costs of production. Materials Conversion Costs Total Costs Unit costs-T12 Tables 19 $ 18 $ 37 e Textbook and Media Attempts: 1 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 2 Show the assignment of costs to units transferred out and in process. T12 Tables Costs accounted for: Transferred out $ 735930 Work in process Materials $ 66690 Conversion costs 37908 104598 Total costs $ 840528 e Textbook and Media Attempts: 1 of 3 used : Using multiple attempts will impact your score. 10% score reduction after attempt 2 (b) Prepare the production cost report for July 2020. THAKIN INDUSTRIES INC. Cutting Department-Plant 1 Production Cost Report For the Month Ended July 31, 2020 Equivalent Units Physical Units Conversion Costs Quantities Materials Units to be accounted for Work in process, July 1 Started into production Total units Units accounted for Transferred out Work in process, July 31 Total units Conversion Costs Materials Total Costs Unit costs Total Costs $ Equivalent units Unit costs $ $ Costs to be accounted for Work in process, July 1 Started into production $ Total costs $ Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, July 31 Materials $ Conversion costs Total costs $